Ethereum Price Technical Analysis – ETH/USD Recovery Won’t be Easy

Key Highlights

ETH price declined further and moved below the $180 level against the US Dollar.

Yesterday’s highlighted two bearish trend lines with current resistances as $190 and $210 on the hourly chart of ETH/USD (data feed via SimpleFX) are intact.

On the downside, the recent low at $168 may provide support in the short term.

Ethereum price remains in a downtrend against the US Dollar and Bitcoin, and a recovery in ETH/USD won’t be easy in the near term above $210.

Ethereum Price Resistance

There was no relief for buyers as ETH price continued to move down and traded below $180 against the US Dollar. A new weekly low was formed at $168.58 from where a minor recovery was started. The price traded above the 23.6% Fib retracement level of the last decline from the $234.34 high to $168.58 low. However, the upside move was prevented by the $205-210 levels.

One of yesterday’s highlighted two bearish trend lines with current resistances as $190 and $210 on the hourly chart of ETH/USD acted as a barrier. Moreover, the 50% Fib retracement level of the last decline from the $234.34 high to $168.58 low stopped gains. The price is once again moving lower and currently trading near $180. It looks like there can be a retest of $168 if sellers remain in action in the near term.

Any further declines below $168 could be very unsafe for buyers since it exposes declines towards $140. On the upside, both trend lines with current resistances as $190 and $210 are very important. As long as the price is below these, it may continue to struggle to overtake $210. Above $210, the price may trade towards $240.

Hourly MACD – The MACD has slightly reduced the bearish slope.

Hourly RSI – The RSI is currently below the 50 level and placed well in the bearish zone.

Major Support Level – $168

Major Resistance Level – $205

Charts courtesy – SimpleFX

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